XL acquires Axis

JAKARTA. Malaysian-based telephone operator Axiata Group Bhd through its Indonesian subsidiary PT XL Axiata Tbk has reached a deal with Saudi Telecom Co. to acquire PT Axis Telekom Indonesia.

Saudi Telecom Co. sold 95 percent of its shares in Axis to XL, whose business is valued at US$865 million.

Previously, XL has gained permission from the Communication and Telecommunication Ministry to conduct the acquisition on Axis.

XL president director Hasnul Suhaimi had also stated that the plan to acquire Axis was made after analyzing the latter’s number of customers, assets, human resources and service frequency.

“We need the Axis frequency because XL customers need it,” said Hasnul to Kontan.co.id.